US EditionChancellor Reeves Raises £26B in Taxes at 2025 Budget
- On Wednesday, November 26, 2025, Rachel Reeves, Chancellor of the Exchequer, presented the Autumn Budget raising taxes by £26 billion in 2029-30, according to the Office for Budget Responsibility.
- Constrained by party and market pressure, Chancellor Rachel Reeves faced Labour backbenchers' resistance to spending cuts and lenders' nervousness, forcing tax increases over borrowing or deep cuts.
- The OBR analysis shows freezing income tax thresholds and National Insurance thresholds until 2030/31 will raise receipts by £14.9 billion, with nearly one million new basic-rate taxpayers and 790,000 extra higher-rate taxpayers.
- For example, someone earning 50,000 may pay about 15,000 by 2029-30, with combined income tax and National Insurance rising 1.5 percentage points due to fiscal drag.
- Looking ahead, OBR forecasts indicate public debt will rise from 95% of GDP to 96.1% by the end of the decade, while 10.1m higher-rate taxpayers are expected by 2030 amid threshold freezes.
145 Articles
145 Articles
It is also a certain betrayal of the electorate that pushed the Labour Party to power 16 months ago, believing the promise that the government led by Keir Starmer would not raise the IRPF Read
DECRYPTAGE - The Chancellor of the Exchequer presented a high-risk budget this Wednesday under close market surveillance. Rachel Reeves announced £26 billion in tax increases as growth forecasts are revised downwards.
Britain's Labour Government Unveils a Budget of Last Resort
Weeks of chaos came to a head today in Britain. The government of Prime Minister Keir Starmer unveiled its Autumn Budget after it floated, then abandoned, an election manifesto-busting income tax rise to plug a £30 billion fiscal black hole. The controversy has not helped the least popular Prime Minister on record, prompting talk of a leadership challenge as the far-right Reform tops the polls and the upstart Greens draw even with Labour. [time…
Coverage Details
Bias Distribution
- 60% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
